TechFlow, June 23 — According to The Block, FTX's legal team has formally objected to Three Arrows Capital's $1.53 billion claim in the cryptocurrency exchange’s bankruptcy proceedings, urging the court to dismiss the claim entirely.
FTX's attorneys stated that Three Arrows Capital's losses stemmed from market price fluctuations and its own withdrawal actions, not from any conduct by FTX. While FTX acknowledges having carried out $82 million in forced liquidations, its lawyers argue these were lawfully executed under credit and margin agreements.
Earlier this year in March, a Delaware bankruptcy court permitted Three Arrows Capital to increase its initial $120 million claim to $1.53 billion.
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